How To Sell South Lake Tahoe Real Estate FAST in 2 Easy Steps

If you are thinking of listing South Lake Tahoe real estate, the goal is usually to sell quickly and for the most money. There are some scenarios where folks are fine with a slower sale, but in most cases, sellers want to move homes for sale in South Lake Tahoe fast. When you work with a qualified South Lake Tahoe realtor, you have a good chance of achieving those goals. While every property is different, a qualified South Lake Tahoe realtor will have all the tools to not only get your real estate in South Lake Tahoe ready for the market, but also make it appeal to serious buyers. From a comprehensive marketing package to a strategic plan, your realtor in South Lake Tahoe will be able to help you navigate the entire process from start to finish AND beyond! There are several different aspects that go into listing South Lake Tahoe homes for sale, but the following two steps should be taken into consideration if you are hoping for a quick sale for the most money.

  • Use A professional Realtor in South Lake Tahoe

This may seem obvious, but surprisingly, there are a lot of folks who don’t take the quality of their realtor in South Lake Tahoe seriously. Just because you took the courses and passed the state exam, does not make every professional the same. You also shouldn’t discount the importance of hiring a professional. Some sellers think that they can list South Lake Tahoe homes for sale on their own, also known as For Sale By Owner (FSBO) and do it just as well as a realtor would. Unfortunately, that is not the case. A seller who is not a realtor does not have the same tools needed to get a home exposure. A lot of sellers will do this in an effort to save money on commission. However, studies have shown that a  Lake Tahoe realtor will not only sell homes for sale in South Lake Tahoe faster, but for more money. 2017 studies proved that FSBO’s made 6% less than comparable sold properties listed by a professional. That is the commission right there. Not to mention, you don’t have to play the realtor role and negotiate inspections, appraisals, prices, closing costs, contingencies and allllllllll the other details that go into selling real estate in South Lake Tahoe.

  • Price your South Lake Tahoe real estate a little lower

This may seem not only counterintuitive, but risky. However, studies have shown that when listing South Lake Tahoe homes for sale around 5% lower than the current market values, you do a couple of things: One, you increase the demand for your home. Unlike when you overprice your property and it ends up growing stale and getting stigmatized as having something wrong with it. You also have a higher chance of getting multiple offers, which means you get more than one offer to choose from. In most hot seller markets, this usually causes offers to come in at over asking. Todays buyers know a good deal when they see one so they won’t wait to make an offer. Of course, discussing the details of this should be handled with your Lake Tahoe realtor first. Pricing TOO low could backfire, just like pricing too high.

For more information on listing or buying homes for sale in South Lake Tahoe, give me a call. As a long time, local Lake Tahoe realtor, I would be happy to discuss the current South Lake Tahoe real estate market with you. The more information you have on our current market, the more successful your experience will be.

How The Mortgage Process Works

If you are new to buying homes for sale in South Lake Tahoe, one of the biggest hurdles is simply preparing for the mortgage loan application process. When you choose a South Lake Tahoe realtor, they can give you a heads up as well as offer their preferred lenders. If you choose a realtor in South Lake Tahoe who has been in the industry long enough, you can trust that whoever they recommend is probably going to be a good fit. However, in all situations, doing your homework is necessary. Just like you want the best bang for your buck when it comes to buying South Lake Tahoe homes for sale, you want to make sure you are getting the best loan for you, along with the best rate. If you are just starting the journey of buying homes for sale in South Lake Tahoe, check out this quick list on how the mortgage process works.

Saving for a Down Payment

This aspect requires work on your part before you even apply for the loan. When buying South Lake Tahoe homes for sale, you will need a down payment. While the 20% down payment is considered standard, it isn’t the end all be all. In fact, there are several loans that require as little as 3% down. Of course, read the fine print and understand all the stipulations that go along with that. Your South Lake Tahoe realtor can also offer some options. While we are not lenders, we have been around long enough to understand that there are different loan programs, making it easy for several types of buyers to qualify. The best way to get the process of buying South Lake Tahoe real estate started is by saving as much as possible for your down payment.

Credit & Income Verification

In order to qualify for a loan, you will need to verify income, credit history and assets. Get all your paperwork in order so that when you go to apply for a loan, you have the necessary information that verifies your financials. A stable income and good credit is incredibly helpful for locking in a great loan. If you have debt to pay, handle it as much as possible before you start looking at South Lake Tahoe homes for sale. Every realtor in South Lake Tahoe and mortgage lender will tell you that the better your credit is, the more options you have for a loan AND a better interest rate. Even if you think your credit is perfect, pull your report ahead of time to make sure there are not any errors sitting on your report, like a debt that was paid years ago.

Financial Plan

If you have fabulous credit and a great income, you may get approved for more than you really want to spend on South Lake Tahoe homes for sale. Sure, buying a gorgeous custom South Lake Tahoe real estate seems like a dream, but if you can’t really afford everything that goes along with it, like higher utility bills AND more furniture, then don’t. Sit down, crunch the numbers and come up with a realistic number that you can afford for housing. Just because you can afford it, doesn’t mean you should.

Appraisal

The lender will also need to verify the property value. They will not loan more than the property is worth. This is also helpful to understand that sometimes you may need to close the gap on your own in the scenario that your loan is less than the appraisal value. Your South Lake Tahoe realtor will be able to advise on this as well.

For more information on buying real estate in South Lake Tahoe, feel free to give me a call!

South Lake Tahoe Real Estate Update

If you are thinking of buying or listing homes for sale in South Lake Tahoe, finding out things like days on market and average and median sold price can be incredibly helpful. As a seller, you get an idea of how quickly properties are moving, which gives you an idea of how to prepare for moving and when to expect an offer. You also get an idea of what to list at. As a buyer, you find out details that can help you make a competitive offer. Your South Lake Tahoe realtor is the best person to guide you on both of these aspects of South Lake Tahoe real estate. However, getting an idea before you start the selling or buying process can go a long way towards success. How do you get this info? Your South Lake Tahoe realtor! We use the stats from the local MLS, which is consistantly updated. Let’s take a look at the latest report! 

If you are a seller-good news! The average and median sold prices for homes for sale in South Lake Tahoe have gone up! Not only are they up from this time last year, but they are up from just last month. The average is up 6.7% at $524,376. The median is up 6.7% at $432,000. If you are a buyer, note that these prices are climbing very steadily and not shooting up a drastic amount each month. The average percentage of list price is up 97.9%, which is up 0.2% from this time last year. This is a great tool that allows you to gauge your negotiation power.

The not so great news for buyers is that homes for sale in South Lake Tahoe are down 7.8%. New listings are up 4.4%, which is good news. Especially since this was barely up just last month. Any new inventory is good inventory in my book. Closed sales are still down along with pending sales. We are still in a seller’s market & sitting at a 3.5 month supply. This has been the same number for the past few months.

Whether you are looking for more information on South Lake Tahoe real estate, or need a South Lake Tahoe realtor, give me a call. We would be happy to help!

Financial Preparations For Buying South Lake Tahoe Real Estate

Buying homes for sale in South Lake Tahoe? As a long time local South Lake Tahoe realtor, I have some tips! When it comes to making one of the biggest financial investments of your life, there are some steps you will need to take in order to get yourself prepared. In a seller’s market especially! With inventory low and so many buyers trying to take advantage of lower interest rates AND snagging South Lake Tahoe real estate before prices go up any higher, there is some stiff competition. Bringing your A-Game requires a little action on your part though so use the below tips to make sure you are all ready to take on buying South Lake Tahoe real estate. 

1. Find a mortgage that fits.

Not all mortgages are the same. A fixed rate mortgage means the same monthly bill but a higher starting rate. An adjustable rate usually starts lower, but could change drastically leaving you figuring out how you can make your monthly payment. Read the fine print on the mortgage you are applying for. In fact, if you can’t find a loan that fits your financial situation, it is best to hold off until later. You don’t want to get locked into South Lake Tahoe real estate that is beyond your means. 

2. Reduce your debt-to-income ratio.

This is buying a home 101. When applying for a mortgage application, the first thing lenders look at is how much debt you have compared to your income. This indicates how financially fit you are and if you are ok to take on even more debt. If you are in the market to buy homes for sale in South Lake Tahoe, pay down your cards, cars and all things financed. The less debt you have, the better interest rate you’ll get on a loan as well as a higher loan amount in general. 

3. You don’t have to pay off your student loan first.

According to a recent NAR report, almost 60% of first-time homebuyers said that student loans delayed their ability to save for a down payment. Student debt is incredibly common though, so lenders don’t view it any differently than other debt obligations. 

 

4. Hold back your borrowing.

When you apply for a new line of credit, it initiates a hard pull on your credit report which in turn can lower your credit score. This can impact your mortgage eligibility as well as the final interest rate you’re offered. If you know you are buying homes for sale in South Lake Tahoe in the future, hold off on applying for other lines of credit until after you are in your new home. 

 

5. Get smart about your credit situation.

Having a good credit score is crucial to getting a mortgage at a good rate. It is actually necessary to get a good rate on any type of loan-car, student, business. You can still get a mortgage without good credit as there are a lot of programs out there. However, taking the steps to clear up any errors or outstanding debt not only releases some extra pressure on you, but sets you up for a healthier financial future.  

As always, be sure to chat with a qualified South Lake Tahoe realtor about what is needed to get the ball rolling. We can offer guidance, our preferred lenders and tips to get ready for this exciting new step! Need a South Lake Tahoe realtor? Give me a call. I would be happy to help!